The Croatian incumbent Hravtski Telekom (HT) has submitted a request to the country’s Agency for Protection of Market Competition (AZTN) to prolong the temporary management of the alternative telco Optima Telekom for a further three years.
At the same time, Optima’s management board has adopted a strategic decision on the merger of H1 Telekom with Optima in order to achieve positive synergies among the companies and to increase Optima’s value for its existing and new shareholders.
Optima, too, has asked AZTN to approve the move.
HT initially received approval from AZTN to manage Optima in 2014 for a period of four years, until July 9, 2018.
Commenting on the latest developments, Poslovni reports that the deal between H1 and Optima has been negotiated by the Croatian Postal Bank (HPB), the former’s main shareholder, and HT, one of its biggest creditors.
Rather than get paid in cash for its 58.2% stake, HBP will receive shares in Optima.
H1 had revenues of HRK254 million (€33.7 million) in 2015. EBITDA amounted to HRK68 million and gross profit HRK4 million.